PHOTO: Samantha and Nathan Moscato are selling their Ryde house. Picture: David Swift. Source: News Limited
The economic crisis brought on by COVID-19 has had a varying impact on property values, leading to minor price falls in some areas and rises in others.
Real estate in Sydney has become a tale of two cities – a struggling high-rise apartment market and a resilient market for houses and medium-density homes.
Apartment prices in high-density areas were the most exposed to the COVID-19 crisis because of oversupply and plummeting investor activity, housing experts said.
Investors have traditionally dominated the high-rise market but have recently been struggling to get loans due to increased scrutiny from lenders.
Rising vacancies and low rental yields further discouraged many investors from new purchases, with some existing landlords understood to be planning sales because of high holding costs.
The opposite dynamic was playing out in the detached house market: supply was shrinking but demand remained robust as owner-occupier buyers capitalised on record-low interest rates.
READ MORE VIA NEWS.COM.AU
